In our newsletter on Friday (see here), we covered the timetable for EU DAC-6 reporting. At the end we noted that although there was lobbying for leniency, “we strongly suggest not relying on this happening”. Obviously, the moment we hit “send”, the EU did indeed announce a deferral.... On Friday, but a few minutes after our mailing, the EU Commission announced a proposal for a Council Directive to extend the filing deadlines by three months. What needs to be reported does not change, so transactions from 25th June 2018 will still need to be reported. Reports for arrangements entered into from 25 June 2018 to 30 June 2020 which would have been due by 31 August 2020 will now be due by 30th November 2020.

You can find the EU proposal for a Council Directive here.

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Helen Forbes
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